Unemployment problems are cited as the biggest risk for doing business in the world – says the World Economic Forum’s Survey of Businesses of over 12,000 businesses which covers 140 countries.
The risks associated with doing business vary according to different countries, however, the top 10 risks of highest concern globally are the following:
– Unemployment and underemployment
– Failure of national governance
– Energy price shock
– Fiscal Crises
– Cyberattacks
– Profound social instability
– Failure of financial mechanism or institution
– Failure of critical infrastructure
– Failure of Regional and global governance
– Terrorist Attacks
Compared to the previous year, the expectation of cyberattacks has increased. Last year, among the top ten main risks of concern, cyberattacks was the 8th biggest concern, this year, it is 5th biggest concern.
According to the regions, the number one risk for businesses is as follows:
– Europe – Cyberattack
– Eurasia – Energy price shocks
– The Middle East and North Africa – Unemployment
– Sub-Saharan Africa – Unemployment
– South Asia – Failure of regional and global governance
– East Asia – cyberattacks
– North America – Cyberattacks
– Latin America – Failure of regional and global governance
With regard to Georgia, WEF notes that for Georgia, as an energy-importer country, risks associated with energy tariffs are of big concern. Furthermore, one of the main hindering factors for doing business in the region is geopolitical instability.
“Conflict of Interest” is cited as of the main risks for Georgian businesses and businesses operating in Georgia and the reasons for that are occupied territories and the situations there.
According to the research, the top 5 risks in Georgia for businesses are the following:
1. Conflict of Interest
2. Failure of the government
3. Failure of Regional and Global governance
4. Unemployment
5. Fiscal crisis, Energy price shocks and unmanageable inflation.
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